Consumer Finance

CRL monitors developments across the consumer finance sector and acts to protect people’s pocketbooks from financial misconduct so families can build financial stability. This includes advocating for enforcement of laws banning discrimination based on race, national origin, sex, and other protected characteristics. CRL also fights to defend the Consumer Financial Protection Bureau, a crucial government watchdog that was established in the wake of the 2008 Financial Crisis to stop predatory practices. We support the development of policy and regulatory infrastructure needed to ensure an equitable green lending marketplace for all consumers. 

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Comment on Consumer Financial Protection Bureau's RFI to Assist the Taskforce on Federal Consumer Financial Law Taskforce

Comment on Consumer Financial Protection Bureau's RFI to Assist the Taskforce on Federal Consumer Financial Law Taskforce

This comment includes examples that are intended to be illustrative of the kinds of issues confronting low-to-middle-income households and communities of color attempting to navigate the consumer finance system.
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Comment Letter
Consumer Finance

400+ Civil Rights Organizations Urge Congressional Action on Police Violence

400+ Civil Rights Organizations Urge Congressional Action on Police Violence

CRL joined with more than 400 organizations to call on Congress to pass meaningful police reform legislation: Abusive police practices coupled with devastating state-sanctioned violence have exacted systemic brutality and fatality upon Black people since our nation’s founding. The current protests across our country are not new. They are in response to a long cycle of lawlessness against Black people...
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Letters to Congress
Consumer Finance

Joint Letter: Making the Paycheck Protection Program Work for Underserved Small Businesses

Joint Letter: Making the Paycheck Protection Program Work for Underserved Small Businesses

Nearly forty consumer and civil rights organizations call on the Trump Administration and the Congress to work together and take the following steps to ensure access to the Paycheck Protection Program for underserved businesses and sole proprietors. Set aside $10 billion for use ONLY by Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to make this funding available...
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Letters to Congress
Consumer Finance

COVID-19-Related Resources

COVID-19-Related Resources

CRL is working to monitor the unfolding developments of the COVID-19 pandemic and its financial and economic effects on LMI communities and communities of color. As the response to the crisis continues, CRL is advocating for strong consumer protections and financial relief for the consumers, workers and small businesses that are always among the hardest hit by any national emergency...
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Policy & Legislation
Consumer Finance

COVID-19 Crisis Requires Comprehensive Response to Protect Financial Security, CARES Act Falls Short

COVID-19 Crisis Requires Comprehensive Response to Protect Financial Security, CARES Act Falls Short

H.R. 748, the Coronavirus Aid, Relief and Economic Security Act (CARES Act)—signed into law on March 27, 2020—offers important benefits for the public health crisis caused by COVID-19. However, the bill fails to provide substantive, comprehensive financial relief for vulnerable families who now face economic challenges, such as unemployment and reduced work hours, as a result of the crisis. It...
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Policy & Legislation
Consumer Finance

State Consumer Protection Response to the COVID-19 Crisis

State Consumer Protection Response to the COVID-19 Crisis

The COVID-19 crisis is having profound financial impacts on families across the country and on the economy overall. With businesses shuttered, and over 22 million unemployment claims filed in the first month of the crisis alone, it is hard to overstate the financial instability and hardship the crisis has produced. These impacts will worsen over time, as immediate income shortfalls...
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Policy & Legislation
Consumer Finance

Economic Impact Payments Responding to This Public Health Emergency Should Be Exempt from Otherwise Legally Binding Garnishment Orders

Economic Impact Payments Responding to This Public Health Emergency Should Be Exempt from Otherwise Legally Binding Garnishment Orders

From the letter to Congressional leadership: The undersigned consumer and banking industry organizations write to urge Congress at the soonest possible opportunity to clarify that economic impact payments responding to this public health emergency are exempt from otherwise legally binding garnishment orders. Our organizations have worked together to address this issue and we believe that is possible to protect American...
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Letters to Congress
Consumer Finance

Financial Policy Recommendations for Coronavirus-Response Stimulus

Financial Policy Recommendations for Coronavirus-Response Stimulus

The Center for Responsible Lending (CRL) joined with 26 national civil rights, consumer, housing and labor groups, and 35 state groups in sending a letter to Congress with specific financial policy proposals that help address the needs of families most at risk from the impending economic collapse. A PDF of the letter is included above.
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Letters to Congress
Consumer Finance

Deposit Insurance Applications by Industrial Banks and Industrial Loan Companies

Deposit Insurance Applications by Industrial Banks and Industrial Loan Companies

From the letter: We believe such a rulemaking is necessary to provide much-needed clarity to this thus-far opaque part of the U.S. financial system – that is, the manner in which parent companies and affiliates of ILCs are subject to any kind of federal regulatory or supervisory oversight. By contrast, the federal statutory, regulatory and supervisory framework for parent companies...
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Comment Letter
Consumer Finance

Defending the Constitutional Structure of Consumer Financial Protection Bureau

Defending the Constitutional Structure of Consumer Financial Protection Bureau

Download the amicus brief submitted by the Center for Responsible Lending (CRL) and Cohen Milstein Sellers & Toll PLLC (Cohen Milstein) to the United States Supreme Court in the case of Seila Law LLC v. Consumer Financial Protection Bureau  (CFPB) on behalf of their clients, community development financial institutions (CDFIs) Self-Help Credit Union, Hope Enterprise Corporation / Hope Credit Union...
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Amicus Brief
Consumer Finance
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